Schroders Q1 pretax net off; managed assets up

IanWalker

LONDON (MarketWatch) -- Asset management company Schroders PLC (SDR.LN) Thursday reported a 6.6% rise in assets under management over the first quarter but said pretax profit for the period fell to GBP95.5 million.

-Private banking net outflows were GBP0.1 billion and assets under management at the end of March were GBP16.4 billion (Dec. 31, 2011: GBP16.0 billion).

-Net inflows GBP1.6 billion (2011: GBP3.1 billion).

-Agreement to buy 25% of Axis AMC, the asset management subsidiary of Axis Bank; Axis AMC has assets under management of $2.3 billion.

-Long term, Board continues to see a broad range of opportunities in core business in Institutional and Intermediary, in addition to which it has a number of new products coming on stream later this year.

-Shares closed Wednesday at 1421 pence valuing the company at GBP3.21 billion.

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